Disability
insurance by top rated companies
REQUEST A QUOTE !
Can You Preserve Your Way Of Life? |
Home Companies
And Product Benefits
Occupation
Class Look Up
FAQ's
Illustrations Examples
Terms
Quotes |
Term Life America
Disability Insurance
888.587.8511 |
| |
 |
Disability Insurance Terms
and Definitions
Like any industry, the
disability insurance industry has it's own unique terms. The definitions
of these terms are general in nature, and may vary by company and/or
state insurance regulations.
At Term Life America Insurance we wants you to
understand these terms and definitions so you can make the best choice
for your family or business. Therefore, below is a glossary of
disability insurance terms and definitions.
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Y
Z
-
- A
-
Availability
"Generally",
individuals 25 to 50 years old employed in blue, gray, and
white collar occupations earning from $15,000 to $50,000
annually. Small business (under 100 employees) owners,
managers, and/or employees.
Automatic Benefit Increase Rider
Available in all Classes
This rider provides for
an annual increase equal to 5% of the original Base
Policy Monthly Benefit amount on each anniversary of
satisfying the elimination period. The lifetime cap on
Monthly Benefit amounts is two times the original base
policy Monthly Benefit. If the Insured recovers from
Total Disability and there was a Monthly Benefit increase
under this rider, the Insured can increase the base policy
Monthly Benefit to the amount of the last Monthly Benefit
payment. To obtain the increase, the Insured must: .be
under age 60, .apply within 90 days of the end of Total
Disability, and .have a full-time job. A new premium
for the increase will be charged, based on our then current
rates and the Insured’s attained age. The new premium must
be paid within 31 days of the increase.
AVIATION/AVOCATIONS
Persons involved in aviation, auto racing, hang gliding, sky
diving, skin/scuba diving, or similar activities on an
amateur basis can be considered for coverage in most cases.
Usually, a policy amendment rider (waiver) will be attached
to the Policy if the application is approved.
 top -
B
-
Benefit Periods
"Generally",
Class 4A-
1, 2, 5-year and To Age 65
Class 3A-
1, 2, 5-year and To Age 65
Class 2A-
1, 2, 5-year and To Age 65
If Self Employed:
Under age 56, and working in, and
owning, the same business for the last 2 years, with an
annual net income of
at least
$40,000 for
each
of the last
two years.
W-2 Employee:
Under age 56 with an annual income of
at least
$40,000 for
each
of the last two years.
Class 1A
— 1, 2, 5-year.
BUSINESS IN THE HOME
Generally, persons who work at a business in their home are
not eligible for disability income coverage, unless at
least 50% of the job duties are performed away from the
home.
top -
C
-
Catastrophic Disability Rider
"Generally", available in all Classes to
Standard and Substandard.
Issue Ages 18-55
for 1-, 2-, and 5-year Benefit Periods; 56-60 for 1- and
2-year Benefit Periods. Generally not available with
30 day elimination periods. This rider will provide a
Disability Benefit if • the Insured’s Total Disability
continues beyond the Maximum Benefit Period of the Policy,
and • the Insured requires assistance or supervision with at
least two of six Activities of Daily Living (bathing,
toileting, transferring, continence, eating, dressing), OR •
is Cognitively Impaired, and • is not engaged in any job for
wage or profit, and • a Physician has certified the
Catastrophic Disability with a plan of treatment. The
rider extends the total Benefit Period payable under the
base policy to a total of 5 or 10 years. Allowable
combinations of base policy Benefit Periods and Catastrophic
Disability Benefit Periods are: 1 year base Policy Benefit
Period – 4 year CDR Benefit Period 1 year base Policy
Benefit Period – 9 year CDR Benefit Period 2 year base
Policy Benefit Period – 3 year CDR Benefit Period 2 year
base Policy Benefit Period – 8 year CDR Benefit Period 5
year base Policy Benefit Period – 5 year CDR Benefit Period
CHANGES IN COVERAGE
Increasing Coverage
"Generally", To increase the amount of the
base policy benefit or the SDIR benefit, to increase
the Benefit Period or to decrease the Elimination
Period, a new application for coverage is required. There
are two general methods for increasing an in-force
disability Policy:
1.
Complete an application for the amount of the increase in
Monthly Disability Benefits and make arrangements for any
needed medical requirements. When the application is
approved, the new Policy will be issued for the amount of
the increase. The Insured will then have two disability
policies in force with the carrier. OR 2. Complete an
application for the total amount of Monthly Disability
Benefit, including the increase desired. Indicate on the
application that the new Policy will replace an in-force
Policy. Return the in-force Policy to the carrier with the
application and make arrangements for any needed medical
requirements.
Decreasing Coverage
"Generally", to decrease the Monthly Benefit or
increase the Elimination Period, a dated written
request from the Insured indicating the change is required.
When the request is approved, an endorsement showing the
changes is sent to the policy owner for addition to the
Policy.
top -
D
-
Definition of Total Disability
The
best policy definition of total disability will state that
you are unable to work at your regular occupation because of
sickness or injury.
top -
E
-
EARNED INCOME
Earned income is the gross income from the applicant’s
occupation, including salary, wages, bonuses, fees and any
other compensation received from all sources for work
performed by the applicant. If the applicant is
self-employed or owns any part of a business, earned income
is the applicant’s share of income earned by the business,
plus the salary or draw from the business, minus the
applicant’s share of business expenses that are deductible
for income tax.
Elimination Periods
"Generally", the number of consecutive days that an Insured
must be totally disabled before the Monthly Disability
Benefit amount becomes payable. The Elimination Periods
available are generally 30, 60, 90, 180,and 365 days.
top -
F
-
FELONY
Disability due to committing or attempting to commit a
felony.
FOREIGN NATIONALS
Policies are generally issued on U.S. citizens who
permanently reside in the U.S. or on permanent resident
aliens who have lived in the U.S. for at least three years
and do not plan to return to their native country on a
permanent basis. A photocopy of both sides of the
applicant’s resident alien card must be submitted with an
application on a permanent resident alien.
FOREIGN TRAVEL
The policy will only pay up to 3 Monthly Benefits for any
Total Disability sustained or continued outside the United
States, Canada or Mexico. If the Insured remains totally
disabled upon return to any of these countries, benefits
will resume up to the Maximum Benefit Period, as long as the
Insured is totally disabled.
top - G
-
Government Retirement And Disability Fund Benefit,
includes disability compensation, including amounts for
dependents, under any Federal, State, County, Municipal or
other government subdivision retirement and disability fund
for which the Insured may be eligible. Any payment resulting
from retirement will be considered a Government Retirement
and Disability Fund Benefit.
Guaranteed Insurability Rider
(GIR)
"Generally", available in all Classes to Standard
risks. "Generally", issue ages 18-37 ; "Generally", issue
amount minimum of 2 units; maximum of 5 units The
number of units of GIR must equal the number of hundreds of
base policy Monthly Benefit, subject to the maximum of 5
units of GIR. Enables coverage to be increased by a
non-disabled Insured on Option Dates of ages 25, 28, 31, 34,
37, 40, regardless of occupation. Special Option Dates are
provided for the Insured’s marriage date or the date a child
is born to or adopted by the Insured or within three months
after any of those Special Option Dates. A Special Option
Date must occur before the Policy Anniversary nearest
Insured’s 40th birthday. Use of a Special Option Date
cancels the next option date. Each unit of GIR will purchase
$100 of additional base policy Monthly Benefit on an option
date. Combined total of all increases may not exceed 2 times
the original base policy Monthly Benefit or $1,500,
whichever is less. Increases are subject to Issue and
Participation Limits. An option generally cannot be
exercised if the Insured is totally disabled or receiving
total or Partial Disability Monthly Benefits. The policy and
this rider must be in force when an option is taken. A new
policy is issued for the additional coverage.
Guaranteed Renewable Only
The contract will continue to
renew for as long as premiums continue are paid. However,
although the policy provision can not be changed, the
carrier does have the option to increase premiums by state,
change occupation class, or change the policy form with
notification to the policy owner.
-
top -
H
-
HOME MODIFICATION BENEFIT
This is a no cost rider. Available in all Classes to
Standard and Substandard.
This rider will
provide a one time, lifetime benefit of $1000 for the
modification of the policyholder’s current existing
residence due to the Insured’s present Total Disability.
This rider is intended to assist with the improvement of
access to or use of the facilities of the Insured's current
residence.
Hospital
"Generally", an institution which. is
licensed as a Hospital (if required). is open at all times;
provides medical care on an inpatient basis; has nursing
services at all times; has diagnosis and major surgery
facilities; and is not a clinic, nursing home, long-term
care facility or similar institution. A Hospital can meet
the major surgery requirement by arrangement with another
Hospital.
Hospital Benefit Rider
"Generally", available in all Classes. The
Monthly Hospital Benefit will equal the base policy Monthly
Benefit. Pays a Monthly Hospital Benefit for each month of
confinement for up to 6 months for an Insured injury or
sickness. Benefits begin on the first day of hospital
confinement without regard to the Elimination Period of the
base policy. If the Insured is in the hospital less than a
month, payment will be 1/30th of the Monthly Hospital
Benefit for each day the Insured is in the hospital.
top -
I
-
ILLEGAL OCCUPATION
Disability due to engaging in an illegal
occupation.
INCARCERATION
Disability that starts while incarcerated in a penal
institution or government detention facility.
INCOME VERIFICATION
Income verification will be required as
part of the underwriting process:
A.
If the applicant is not self-employed and the amount applied
for exceeds $2,000 of monthly income, a copy of either: •
the two most recent pay stubs, • a W-2 Form,
or
• a tax return is required.
B.
When the applicant is self-employed or a commissioned
salesperson and the amount applied for exceeds $1,500 of
monthly income, a copy of the most recent tax return, with
all schedules and W-2 Forms, is required.
C.
When the applicant is self-employed or is a commissioned
salesperson, and he or she is applying for the “To Age 65”
Benefit Period, copies of two years’ tax returns, with all
schedules and W-2 Forms, are required; an average of the two
years will be used.
Issue
Ages
"Generally", 18-55 .
1-, 2-, 5-year
and To Age 65 Benefit Periods. (For limitations under
Classes 2A and 1A. 1-, 2-, and 5-year Benefit Periods
Available to Classes 4A and 3A 1- and 2-year Benefit Periods
Available to Classes 2A and 1A
top -
J
-
top -
K
-
top -
L
-
top -
M
-
MAXIMUM ISSUE AND PARTICIPATION LIMITS
The maximum issue and participation limits
are those indicated below. Requests for higher limits may be
made in Classes 4A and 3A, but are subject to availability
of reinsurance. Class 4A .$7,000 Class 3A
.$6,000 Class 2A .$5,000 Class 1A .$4,000
The participation limit includes all monthly disability
income already in force with the carrier or any of its
affiliates or with any other company under individual or
group policies.
MEDICAL EXAM REQUIREMENTS
Non-medical limits and examination
requirements are based on: 1. Nearest age of Proposed
Insured. 2. Total Individual Monthly Benefits in-force and
applied .
MENTAL, NERVOUS, DRUG, ALCOHOL
Two year per lifetime limitation
for disabilities related to mental, nervous, drug and
alcohol disorders and conditions. Conditions included under
the mental/nervous part of this limitation include any
disorder classified in the Diagnostic and Statistical Manual
of Mental Disorders published by the American
Psychiatric Association. The carrier generally will pay
normal policy benefits for mental, nervous, drug, and
alcohol disorders or conditions as long as the Insured is
confined in a hospital under a physician’s care.
Mode Premium Factors as
Percentage of
Annual Premium
"Generally",
Semi-Annual 51.0% Quarterly 26.4%
Monthly
8.8%
top -
N
-
Non-Cancelable Rider
"Generally", available in Classes 4A and 3A to Standard
risks. When the Non-Cancelable Rider is added to the
1-, 2-, and 5-year benefit periods, the Policy becomes
renewable with guaranteed rates up to age 65. The
Non-Cancelable rider is not available for the “To Age
65” Benefit Period.
If Non-Cancellable Language is added to the guaranteed
renewable language, the carrier is prohibited from changing
any of the policy provisions and cannot increase the
premiums. The best protection to the owner is offered when a
disability insurance policy includes both non-cancellable
and guaranteed renewable language.
Non-Tobacco
"Generally",
if no
tobacco in last 12 months.
NEW OCCUPATION OR BUSINESS
Newly self-employed persons just entering a profession,
business, occupation, or becoming associated with a new
business must have worked a minimum of one calendar year in
their new field and filed a federal tax return for that year
to obtain coverage. If the newly self-employed person
has less than a full year tax return, the applicant
must provide income verification for the two years prior to
self-employment. Average the two years then cut that figure
in half.
top -
O
-
Occupational Classification GUIDELINES
Applicants must be employed on a full-time basis (at least
30 hours per week) at time of application. Applicants
employed only in seasonal occupations are not eligible for
coverage. Applicants engaged in more than one occupation,
even on a part-time or seasonal basis, are to be classified
according to the most hazardous occupation.
OCCUPATIONS GOVERNMENT EMPLOYEES
Federal, State, County, and City employees
are considered in the carriers Occupational Schedule under
appropriate classification for their job duties. This also
includes Law Enforcement, Fire Fighters, and Postal Workers.
OTHER INCOME PROTECTION
Other sources of income
protection need to be taken into consideration in order to
avoid over-insurance. Other sources of income protection
include group disability income, salary continuation, social
insurance disability, retirement disability, and other
individual disability income. Unless being replaced,
these in-force benefits must be subtracted from the maximum
total amount of Monthly Benefit, subject to Issue and
Participation Limits.
Own Occupation Rider 5-Year
"Generally",
available in Classes 4A and 3A and for the 5-Year and “To
Age 65” Benefit Period. Extends own occupation
definition of the definition of Total Disability from 2
years to 5 years.
top-
P
-
Partial Disability
"Generally", this provision pays 50% of the Monthly Base
Policy Benefit amount for each month of a Partial Disability
from an insured injury or sickness for up to 6 months, when
the Partial Disability immediately follows a period of Total
Disability during which Monthly Benefits were paid. The
combined Total and Partial Disability benefits cannot extend
beyond the Maximum Benefit Period. Partial Disability is a
sickness or injury that keeps the Insured from being
employed on a full-time basis.
PRE-EXISTING CONDITIONS
A disability due to health conditions not
disclosed on the application for which medical advice,
treatment or medicine was received or symptoms existed
before the effective date of coverage is not covered
for the first
2 years after coverage is in force.
(Definition may vary by state.) Benefits will be
paid if the condition was disclosed and not misrepresented
on the Insured’s application and is not excluded by a policy
amendment rider.
PREGNANCY
Disability due to normal pregnancy or childbirth. the
carrier generally will pay Disability Benefits for a
disability caused by:
1.
Involuntary complications of pregnancy
OR
2.
Pregnancy or childbirth, in which the period of disability
extends beyond the later of 90 days or the Policy’s
Elimination Period.
NOTE:
Complications of pregnancy include eclampsia, toxemia,
hyperemesis gravidarum, anemia
of pregnancy, placenta previa, ectopic pregnancy, puerperal
infection, Caesarian Section delivery and miscarriage.
Premiums
"Generally", level; based on nearest age (age
as of nearest birthday), Gender, Tobacco Use, Occupational
Class, Elimination Period, Monthly Disability Benefit
Amount, Benefit Period, and any Optional Benefits selected.
Presumptive Disability
"Generally", a presumptive disability provision is included
that presumes Total Disability if the Insured suffers total
loss of speech, hearing, or sight, severance and loss of
both feet, severance and loss of both hands, or severance
and loss of one hand and one foot. The Elimination Period is
waived and the full Monthly Benefits will be paid for the
Maximum Benefit Period, whether or not the Insured is able
to work.
Product Type
"Generally",
individual guaranteed renewable disability policy with a
traditional definition of disability. -
Q
-
R
includes primary or family disability
benefits under the Railroad Retirement Act as amended from
time to time. Any payment resulting from the Retirement
option will be considered as Railroad Retirement Disability
Income. Benefits under (SDIR) start after the Elimination
Period has been satisfied and payments will be made only
while the Monthly Benefit is being paid under the Base
Policy for Total Disability. A lump sum payment of
Social Insurance Benefits will be treated as if it was
received over several months. The lump sum will be
divided by the Supplemental Disability Income Benefit
and the result will be the number of months the benefit is
not paid. Any remainder reduces the next payable month’s
benefit. The carrier will
"generally",
not seek a refund of benefits
paid before the lump sum was received.
RATE INCREASES
"Generally", premiums may only be raised on a
class basis with each state’s approval.
Recurrent Disability
"Generally", a second disability
is considered a continuation of a previous disability unless
it is due to an unrelated sickness or injury, or the Insured
has returned to work full-time for at least 12 months.
Rehabilitation Benefits
"Generally",
if the Insured is totally
disabled and receiving Monthly Benefits, the carrier will
generally, consider helping to pay the costs of a
rehabilitation program. The carrier will determine the
amount paid, but it will generally not exceed the total of 6
Monthly Benefits. If the Insured’s physician advises that
the Insured would likely return to work with a
rehabilitation program, it will be required. Monthly
Benefits will not be paid if the Insured does not take part.
If the carrier requires such a program, the Insured may be
paid more than the “6 times the Monthly Benefit” limit.
(Required participation in rehabilitation program may vary
by state.)
Renewability
"Generally",
guaranteed renewable to age 65. Until the Policy Anniversary
after the Insured’s 65th birthday, as long as the premiums
are paid, the policy cannot be canceled. However, the
premium rates can be changed with state approval. If
the Insured is employed on a full-time basis on each renewal
date after age 65, the policy can be renewed up to age 70.
The benefit period is limited to one year.
REINSTATEMENT OF A LAPSED POLICY
Generally, if a disability income policy
lapses for nonpayment of a renewal premium, reinstatement
can be applied for within 12 months after the date of lapse.
In order to reinstate, the following items are required: a
completed reinstatement application, a signed medical
authorization, and one renewal premium. If the application
is approved, the effective date of reinstatement is the date
of approval.-
-
REPLACEMENT GUIDELINES
If existing disability income coverage is to
be replaced, the following states require that a replacement
form be completed and submitted with the application:
Arkansas Oklahoma Colorado Pennsylvania Connecticut Rhode
Island Delaware South Carolina Florida Texas Idaho Utah
Illinois Vermont Iowa Virginia Kentucky Washington
Massachusetts West Virginia New Jersey Wisconsin
Residual Benefit Rider
"Generally",
available in Classes 2A, 3A, and 4A to Standard risks for
all Benefit Periods
This rider will provide a Monthly
Benefit for Residual Disability, subject to a qualification
period. Payment of the benefit is subject to the Maximum
Benefit Period shown on the Policy Schedule, less any period
during which Total Disability Benefits were payable, not to
exceed five years. The same Elimination Period as the Policy
and the supplemental disability income rider apply to this
rider. This rider provides a Monthly Benefit payment, which
is equal to the percentage of income loss caused by a
Residual Disability. The minimum percentage of income loss
needed to qualify for the Residual Disability Benefit is 25%
of prior earnings. Residual Disability Benefits are not
payable when a Total Disability Monthly Benefit is payable.
In no event will the Residual Disability Benefit be greater
than the Total Disability Benefit. the carrier may require
any evidence needed to determine prior earnings and current
earnings prior to and during a period of Residual
Disability. From time to time, the carrier may require
certified audits to verify such evidence.
RETURN OF PREMIUM RIDER
"Generally", available in all
Classes to Standard and Substandard. Issue ages .18-55
This rider will provide a return of premium paid for
the policy and all riders to the Insured, minus any claims
paid. The amount of premium returned will be based on a
scale determined by the issue age of the policyholder and
the amount of time the policy was in force. There is no
refund available until the policy has been in force for
three full Policy years. For applicants age 18 through
44 years at the time of issue, the minimum return percentage
is five after three complete years, continuing on a defined
schedule up to 100 percent after 25 years or more. For
applicants age 45 through 55 years of age, the minimum
return percentage is five percent after three full years,
continuing on a defined schedule up to 50 percent after ten
years. All return premium amounts will be calculated
as all premium paid, multiplied by the total percentage
shown in the schedule, less the total of all benefits paid,
including all premiums waived under the waiver of premium
provision.
-
S
-
SELF-EMPLOYED APPLICANTS WITH MINIMAL NET INCOME
Many self-employed individuals capitalize on depreciation
and expenses to report little or no income for income tax
purposes. However, these individuals may be eligible
for a small disability income policy if:
A.
Self-employed in the same business for two years.
B.
Self-employed on a full-time basis.
C.
Under age 50 at the time of the application.
D.
Not showing a business loss on the most recent tax return.
The Carrier will generally consider up to $600 ($300 base
policy, $300 SDIR) of Monthly Income with a 1-, 2-, or
5-year Benefit Period for these applicants. The Elimination
Period must be at least 60 days and no other benefits or
riders are available.
SELF-INFLICTED
Disability due to an intentional, self-inflicted injury or
sickness.
Social Security Disability Benefits
includes primary or family disability benefits for which the
Insured may become eligible under the U.S. Social Security
Act, as amended from time to time, or a similar law of any
other country. Any payment under Social Security Retirement
provisions will be considered as a Social Security
Disability Benefit.
Supplemental Disability Income Rider
(S.D.I.R.)
"Generally", This rider coordinates with Social Insurance
Program Benefits and offsets this rider’s benefits dollar
for dollar.
Social Insurance Benefits include the following:
A. SOCIAL SECURITY DISABILITY BENEFITS
includes primary
or family disability benefits for which the Insured may
become eligible under the U.S. Social Security Act, as
amended from time to time, or a similar law of any other
country. Any payment under Social Security Retirement
provisions will be considered as a Social Security
Disability Benefit.
B. WORKER’S COMPENSATION
includes compensation benefits under any
Worker’s Compensation Act or Law or Occupational Disease
Law, for which the Insured may become eligible. It also
includes insurance that provides benefits under any such Law
. in any of the States or Territories of the United States,
or similar act or law of any other country.
C. GOVERNMENT RETIREMENT AND DISABILITY FUND BENEFIT
includes disability compensation, including amounts for
dependents, under any Federal, State, County, Municipal or
other government subdivision retirement and disability fund
for which the Insured may be eligible. Any payment resulting
from retirement will be considered a Government Retirement
and Disability Fund Benefit.
D. RAILROAD RETIREMENT DISABILITY FUND BENEFIT
includes primary or family disability
benefits under the Railroad Retirement Act as amended from
time to time. Any payment resulting from the Retirement
option will be considered as Railroad Retirement Disability
Income. Benefits under (SDIR) start after the Elimination
Period has been satisfied and payments will be made only
while the Monthly Benefit is being paid under the Base
Policy for Total Disability. A lump sum payment of
Social Insurance Benefits will be treated as if it was
received over several months. The lump sum will be
divided by the Supplemental Disability Income Benefit
and the result will be the number of months the benefit is
not paid. Any remainder reduces the next payable month’s
benefit. The carrier will
"generally",
not seek a refund of benefits paid before the
lump sum was received.
Survivor Benefits
"Generally", a survivor benefit is available at no
additional cost, paying a lump sum benefit to a named
Beneficiary in the event the Insured has been receiving
disability benefits for 12 months and then dies. The lump
sum death benefit is 6 times the Monthly Benefit. If no
Beneficiary is named, the survivor benefit will be paid to
the Insured's estate.
top -
T
-
TABLE RATINGS
"Generally, Special Class premiums are determined based on
the following table ratings:
A
= 25% increase
B
= 50% increase
C
= 75% increase
D
= 100% increase
Total Disability
"Generally", during the first 24 months after the
Elimination Period, benefits are paid to the Insured if
he/she is unable, because of sickness or injury, to perform
the important substantial and material duties of his/her
own occupation and requires a physician’s
care. After benefits have been paid for 24 months, benefits
are paid to the Insured if he/she is unable to perform the
substantial and material duties of any
occupation for which he/she is fitted by education,
training, and experience, requires a physician’s care and
the Insured is not engaged in any job for wage or profit. -
U
-
Underwriting
Traditional approach; Underwriting will order medical
records if needed. See Medical Exam Requirements on
page 20. Coverage may be offered with a policy amendment
rider, Special Class premium, longer Elimination Period,
shorter Benefit Period, condition exclusion, or a
combination of any of these.
UNDERWRITING CLASSES
CLASS 4A
Includes professional or office-type
occupations that are rarely exposed to physical or
occupational hazards. Examples include: Accountant Librarian
Architect Pharmacist Biologist Real Estate Agent Computer
Consultant Secretary
CLASS 3A
Includes occupations similar to Class 4A
but with certain activities or hazards involving laboratory,
technical, supervisory, and service work. Examples include:
Clergy RN/LPN Horticulturist Sales Clerk Lab Technician
Speech Therapist Locksmith Surveyor
CLASS 2A
Includes skilled and manual occupations
in lighter industries, along with most machine operators.
Examples include: Auto Mechanic Electrician Beautician
Farmer Bricklayer Plumber Carpenter Tailor
CLASS 1A
Includes occupations involving heavy
manual labor or unskilled workers where there is increased
risk of accident. Examples include: Auto Body Repair Painter
Crane Operator Pottery Maker Custodian Roofer Furniture
Mover Used Car Dealership
Not Eligible
Includes occupations not eligible for
coverage due to exposure to serious accident or occupational
hazards. Examples include: Air Traffic Controller
Entertainer Armed Forces Pilot Author Self-employed Artist
Bartender Student
UNEARNED INCOME
Any kind of unearned income, such as
rental property or interest income, that continues even if
the Insured is totally disabled, does not qualify as earned
income. Pension or retirement benefits would also be
considered as unearned income. If unearned income is greater
than 15% of earned income, the total Monthly Base Policy
Benefit available at issue is reduced by one half of the
monthly unearned income.
top
V
top -
W
"Generally", premiums are waived following 90 days of Total
Disability, or following the Elimination Period, if longer.
Any premium paid that was paid during that period will be
refunded. Waiver stops when Total Disability stops or
at the end of the Maximum Benefit Period,
whichever is first.
War
Disability due to war or act of war, whether or not declared
are generally not covered.
Workers Compensation
includes compensation benefits under any
Worker’s Compensation Act or Law or Occupational Disease
Law, for which the Insured may become eligible. It also
includes insurance that provides benefits under any such Law
. in any of the States or Territories of the United States,
or similar act or law of any other country.
top -
Y
-
Z
top
|
|
|
|
Because paying for life's expenses are not always as certain as your
responsibilities...
These top rated
Disability Insurance Companies can all but alleviate the problem!
The Purpose of Disability Insurance
Disability insurance was created to insure you for
a disabling sickness or injury, these plans will provide an individual
the ability to continue their standard of living. They are designed to
replace up to 60% of taxable income.
As you can observe above, there are a significant number of carriers
available to search out the best occupational definitions, and
occupational rating classes for your particular profession.
Q. If you are permanently disabled and cannot work, what will
Social Security
cover?
A. Social Security has a cap on the amount
of benefits you'll receive. In most cases, there will be a 5-month
waiting period before eligibility, plus another 7 months before you
even receive a benefit check. In addition, 56% of all disability
claims are rejected by Social Security.
More>
Q. If you collect disability income benefits, do you have to pay
Income Tax
on them?
A. Provided
you pay the premiums out of your own pocket on an after-tax basis,
the benefits are not taxable. However, if premiums are deducted from
your paycheck on a pre-tax basis such as in a Section 125 cafeteria
plan, benefits will be taxable. If your employer pays part of the
premiums, only the portion of the benefit that is attributable to
your own contributions will be tax-free.
More> |
Lewis Fink is licensed as
insurance agents offering these benefits in the following
states:
Alabama - AL,
Arkansas - AR,
California - CA,
Colorado - CO,
Connecticut - CT,
Delaware - DE,
District of Columbia - DC,
Florida - FL,
Georgia - GA,
Idaho - ID,
Illinois - IL,
Indiana - IN,
Iowa - IA,
Kansas - KS,
Kentucky - KY,
Louisiana - LA,
Maine - ME,
Maryland - MD,
Massachusetts - MA,
Michigan - MI,
Mississippi - MS,
Missouri - MO,
Montana - MT,
Nebraska - NE, |
|
|
Related Topics
